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Money Changing Activities – RBI Clarifications

RBI/2012-13/473
A.P. (DIR Series) Circular No. 96

April 5, 2013

To,

All Authorised Persons

Madam/ Dear Sir,

Memorandum of Instructions governing money changing activities

Please refer to Para E 2(ii) of Annex I of {A.P.(DIR Series) Circular No. 57 [A.P.(FL/RL Series) Circular No.04] } dated March 09, 2009 on the captioned subject.

2. On a review, it has been decided that Authorised Money Changers (AMCs) may sell Indian rupees to foreign tourists /visitors against International Credit Cards / International Debit Cards and should take prompt steps to obtain reimbursement through normal banking channels.

3. All the other instructions contained in A.P.(DIR Series) Circular No. 57 [A.P.(FL/RL Series) Circular No.04] dated March 09, 2009 as amended from time to time shall remain unchanged.

4. Authorised Persons may bring the contents of this circular to the notice of their constituents concerned.

5. The directions contained in this Circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permission /approvals, if any, required under any other law.

Yours faithfully,

(Rudra Narayan Kar)
Chief General Manager-i-Charge

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Relevant Circular Attached for the Reference

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Tags: AuthorisedPersonCredit cardForeign Exchange Management ActIndiaIndian rupeeMoney changerRudra Narayan Kar

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